Multibagger stock: RVNL forms JV with Jakson Green; stock hits all-time high

Rail Vikas Nigam (NSE: RVNL) shares extended their gains for the seventh session on Wednesday (January 17) and clocked an all-time high of Rs 235.1 apiece on the BSE after the rail infrastructure company formed a joint venture with Jakson Green Private Limited and also formed a subsidiary company in South Africa.

At around 10:24 a.m., shares of RVNL traded 4.77 per cent or Rs 10.65, higher on the BSE at Rs 234.15 apiece. The company's market capitalisation stood at Rs 48,820.75 crore at around the same time.

RVNL announced on Tuesday, after market hours, that it has formed a joint venture (JV) with Jakson Green Private Limited to explore solar EPC projects in India and abroad.

In the JV, Jakson Green Private Limited will have a 51 per cent stake, and RVNL will have a 49 per cent stake.

On Tuesday, in another filing, the company stated that it has formed a subsidiary company in South Africa, RVNL Infra South Africa.

Earlier on January 16, the stock hit a 52-week high after emerging as the lowest bidder for a Rs 251 crore power transmission project in Madhya Pradesh. The order by MP Madhya Kshetra Vidyut Vitran Co. included supply, installation, testing, and commissioning of 11 kV line-associated works, according to an exchange filing on Monday.

Also read: RVNL shares hit 52-week high as PSU emerges lowest bidder for Rs 251-crore power transmission project

RVNL share price: Past performance 

Shares of RVNL have given a multi-bagger return of 214 per cent in the last year, against the Nifty 50's rise of 20 per cent.

Further, RVNL shares have given a return of 1,084 per cent in the last five years.

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